---
title: "Crypto Analyst Sets $5 Target For Cardano Price – Here’s How"
url: https://diffcoin.com/crypto-analyst-sets-5-target-for-cardano-price-heres-how/
description: "The price action of Cardano (ADA) over the past week is a story of two halves, with the token notching a new multi-month high early in the week only to crash"
published: 2024-03-17
updated: 2024-03-17
author: "Mila"
site: "Diffcoin"
---

# Crypto Analyst Sets $5 Target For Cardano Price – Here’s How

The price action of Cardano (ADA) over the past week is a story of two halves, with the token notching a new multi-month high early in the week only to crash by over 18% a few days afterward. This recent decline in ADA price reflects a broader bearish climate in the cryptocurrency market.

Interestingly, a renowned crypto analyst on the X platform has put forward an exciting projection for the price of Cardano over the coming months. This latest price analysis suggests that this latest price downturn will be short-lived, with a bullish future on the horizon.

## Analyst Predicts Cardano Price To Surge By 670%

Popular crypto analyst Ali Martinez took to X to share his latest prognosis on the price of the Cardano token. According to the expert, the cryptocurrency’s current price action seems to be mirroring a pattern from 2018 to 2021.

![Cardano](https://bitcoinist.com/wp-content/uploads/2024/03/GI0X0dcXgAAw0Pf.jpeg?resize=955%2C660)

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A weekly chart showing ADA price movement between 2018 and 2024 | Source: Ali_charts/X
```

From the highlighted weekly chart, the ADA price only recently broke out of a consolidation zone, which looks like a replica of the 2018 – 2020 consolidation range. Having retested the upper boundary of the range, the token looks set for a price upswing.

However, Martinez expects the Cardano price to move horizontally between $0.55 and $0.80 over the coming weeks. This period of sluggish activity will then be followed by a rapid price upswing to $1.70, according to the analyst.

In his post, Martinez mentioned the possibility of a period of further price consolidation after the over 160% surge to $1.70. This is expected to “set the stage for a breakout to $5” for the Cardano price

This audacious projection represents an almost 700% surge for the ADA token from the current price point. From the highlighted chart, these bullish moves are expected to occur over the next few months in 2024.

## ADA Price Overview

As of this writing, the Cardano token is valued at $0.6626, reflecting a steep 8.3% decline in the past 24 hours. The altcoin, like the general market, has been experiencing a significant amount of bearish pressure over the past few days.

This dip comes barely three days after ADA’s price hit $0.8, its highest level in nearly two years. According to data from CoinGecko, the value of cryptocurrency has dropped by more than 18% since then, with a 12% decline in its weekly timeframe.

Nevertheless, the Cardano token still ranks as one of the ten largest cryptocurrencies in the sector, with a market capitalization of over $23 billion.

![Cardano](https://www.tradingview.com/x/dv9D1vLp/)

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The price of Cardano witnesses deep retracement on the daily timeframe | Source: ADAUSDT chart on TradingView
```

*Featured image from iStock, chart from TradingView*

[Source link](https://bitcoinist.com/crypto-analyst-sets-5-target-for-cardano-price-how/)